SM&CR has been part of the regulatory landscape for Banking & Insurance for 5 years now and much less so for FCA solo regulated firms. But even some banks and insurance firms remain uncertain around how best to align the requirements within their organisations and evidence suggest that remains the case for many solo regulated firms too.
Now that FCA solo regulated firms have passed the deadlines for both Directory Submissions and the first round of internal Certifications, focus should be shifting to embedding the regime and completing the transition of SM&CR requirements into “Business as Usual.” From experience, the team at Worksmart know this can be challenging; a good proportion of firms found that they were either extremely stretched by the March 21 deadlines, or in some cases unable to complete those tasks within the set time limits.
That haste to meet the deadlines resulted in last minute decisions, compromises, and work arounds; many organisations having implemented short term solutions that will probably not pass the test of time in terms of efficiency, reliability or sustainability. So there remains work to be done. But if this sounds like you, you are not alone, there is help available, guidance to be realised and existing tools and approaches to help ease the burden.
Now is the time for those responsible for SM&CR management within firms to consider how the initial round of Certification & Directory reporting went and re-consider the on-going resourcing requirements of the regime and the sustainability of systems and controls for the long term.
So, what exactly does good look like and what does the transition to BAU entail?
Join our Chair, Philip Allen, as he puts these questions and challenges to Worksmart’s Julie Pardy, Director of Regulation and Market Engagement, and Nic Dent, Propositions & Customer Engagement Principal. This one-hour interactive webinar will consider, through discussion, live polling and debate, the following areas:
• Benchmarking – what are other firms doing and what does good looks like?
• Has SM&CR delivered the expected improvements? – the regulators view and the view of the industry.
• How assured are you about the effectiveness of your assessment processes?
• How confident are you in managing the on-going requirements for Conduct Rules training?
• Are your processes, systems and controls, sustainable? – the lessons learned from the Banking & Insurance sectors.
To register for this webinar, visit: https://us02web.zoom.us/webinar/register/8716239477494/WN_1kwEhTRUTKqII18areAuJA
This event is no longer available.